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  The  price of a 50kg bag of rice has dropped to an average of N54,000 following rumours of alleged deadly rice in circulation. The drop is also a result of the oversupply of the staple from India, according to a report by S&P Global. It was gathered that the price of the commodity dropped from N58,000 in April, as demand for rice reduced in the last few days due to claims that people died after buying rice in Badagry, Lagos State, and Idiroko in Ogun State. The demand for rice dropped lately when parents and relatives sent voice messages to their loved ones, warning them against buying or consuming rice this time because it was alleged by another sender on  WhatsApp  that over 70 persons had died in the past few days after buying or consuming the said rice. Even though the Nigeria Customs Service in Seme debunked the claims, it was observed that consumers boycotted rice, causing a drop in price. Our correspondent gathered that a 50kg bag of rice is now N50,000 ...

  The Managing Director and Chief Executive Officer of Airvend Payment Services Ltd (formerly Callphone Ltd), Precious Ekezie, in this interview with HENRY FALAIYE, speaks on the impact of fintechs on payments in Nigeria, and the role of regulation in driving innovation and protecting consumers  How  can decentralised finance protocols help speed up cross-border settlements? Decentralised Finance (DeFi) protocols have the potential to radically transform cross-border settlements by cutting out intermediaries, enabling near-instant transaction finality, and enhancing transparency. Unlike traditional systems that rely on layers of correspondent banks, clearing houses and suffer from time-zone delays, DeFi leverages blockchain and smart contracts to settle transactions in minutes or even seconds. Its open, permissionless, and interoperable nature eliminates the need for middlemen like brokerages or banks, significantly accelerating capital movement.  For me, this means faste...